U.K. Economy Grows 0.3% on Inventories, Consumer Spending

From bloomberg.com

Britain’s economy resumed growth in the first quarter as companies built up stocks and consumer spending increased, offsetting a drop in exports. Gross domestic product rose 0.3 percent in the period, matching an estimate published on April 25, the Office for National Statistics said today in London. Inventories increased by 2.5 billion pounds ($3.8 billion) in the quarter, adding 0.4 percentage point to GDP. Consumer spending rose 0.1 percent. The economy’s return to growth, along with a strengthening of some surveys, prompted Bank of England Governor Mervyn King to say this month that a recovery is now “in ... (full story)